Our client was the recognized leader in their industry, but as their served markets matured, they sought to explore opportunities in new market segments. Many of the market segments they studied did not have requirements or needs that their current solution could address. As a result, they needed recommendations on where else their solutions might prove marketable, if these opportunities would be profitable and if changes to their product portfolio would be necessary.
We developed stakeholder maps for a number of target market opportunities as well as market development scenarios for the client’s best potential target markets. We also conducted interviews with reference accounts in those markets to validate the opportunity and the fit between our client’s products and the market’s requirements. The presentation and supporting data focused on:
Customer types, marketing and sales channels and potential peers
Customer and competitive conditions
Current and emerging fit between the client’s solutions and capabilities and selected target markets
The client revised their investment plans according to our data and recommendations, and within twelve months began to see revenue, market share and profit gains in the target markets identified by VDC.